Current Account

Bharat and Bhushan are partners in a retail business. Balances in Capital and Current Accounts as on 31st March, 2019 were: {:(,"Capital Account", "Current Account"),("Bharat","Rs. 2,00,000","Rs. 50,000"),("Bhushan","RS. 2,40,000","Rs. 10,000(Dr.)"):} The firm earned an average profit of Rs. 90,000. If the normal rate of return is 10% find the value of goodwill.

Anupma, Purnima and Ruchika are partners in a business. Balances in their Capital and Current Account as on 31st March, 2019 were : {:(,"Capital Account (Rs.)","Current Account (Rs.)"),("Anupma"," 6,00,000"," 60,000 (Dr.)"),("Purnima"," 5,00,000"," 30,000 (Dr.)"),("Ruchika"," 5,00,000"," 10,000 (Cr.)"):} The firm earned an average profit of Rs. 2,40,000. If the normal rate of return is 12%, find the value of goodwill by Capitalisation of Average Profit Method.

Sukesh and Vanita were partners in a firm. Their partnership agreement provides that: (i) Profits would be shared by Sukesh and Vanita in the ratio of 3:2, (ii) 5% interest is to be allowed on capital, (iii) Vanita should be paid a monthly salary of Rs. 600. The following balances are extracted from the books of the firm, on March 31, 2017. {:(,"Sukesh","Vanita"),(,(Rs.),(Rs.)),("Capital Accounts",40_(,)000,40_(,)000),("Current Accounts",(Cr.)7_(,)200,(Cr.)2_(,)800),("Drawings",10_(,)850,8_(,)150):} Net profit for the year, before charging interest on capital and after charging partner’s salary was Rs. 9,500. Prepare the Profit and Loss Appropriation Account and the Partner’s Current Accounts.